Achieving sound finances can feel daunting in the early stages of your business. Securing startup capital while covering regular expenses often leaves entrepreneurs fighting to stay afloat.
Yet, building a successful startup doesn't require breaking the bank. Below, 11 members of the Young Entrepreneur Council (YEC)—a prestigious group of top young entrepreneurs generating billions in revenue—share their most practical, manageable tips for maintaining healthy finances.
What is your best, manageable tip for healthy finances?
If you write down your financial goals, they stay top-of-mind and compel you to understand and remember what you're working toward. If your goal is to save $1,000 by year's end, jot it down and keep it visible.
– Stephanie Wells, Formidable Forms
Spend less than you make. Create a budget, cut back on monthly bills, entertainment, or gadget upgrades—ensure expenses never exceed income. This prevents credit card debt entirely.
– Andrew Schrage, Money Crashers Personal Finance
This fundamental step is often overlooked. A budget curbs overspending in business and personal life, reveals exactly where your money goes, and includes dedicated savings each month.
– David Henzel, LTVPlus
Regardless of income, spend less than you earn by budgeting and saving monthly—whether $20 for an emergency fund or $3,000 in a diversified portfolio. Start now.
– Jared Weitz, United Capital Source Inc.
If money management isn't your strength, use phone alerts to remind you of goals. A simple nudge provides the motivation to save more effortlessly.
– Jared Atchison, WPForms
Apps like Clarity Money, Digit, and Stash analyze spending trends, spot savings opportunities, recommend cuts, and automate transfers—saving you time and money.
– Shu Saito, Godai
Finances are a business's backbone. My CFO and I hold brief weekly meetings to review trends and catch issues early, keeping numbers a priority.
– Dalip Jaggi, Interactive Currency
We review credit and cash flow monthly, subscriptions and data usage quarterly, and credit cards/assets annually—to optimize debt, credit lines, and eliminate waste.
– Matthew Capala, Alphametic
If in debt, escape it by living frugally. If debt-free, stay that way: Only buy what you can afford. Limit debt to affordable mortgages and student loans.
– Jeff Pitta, Health Insurance Plan Research
Regularly check accounts or track via spreadsheets. Full visibility prevents surprises—stay honest with your numbers.
– Zac Johnson, Blogger
The biggest barrier is mental. Shift from survival mode to abundance: Focus on earning more than you spend, not just cutting back.
– Bryce Welker, The Big 4 Accounting Firms
